a certain car was purchased for $29,600. the car has a resale value of $17,700 after a useful life of 7…

a certain car was purchased for $29,600. the car has a resale value of $17,700 after a useful life of 7 years. what is the annual depreciation expense for this car? annual depreciation expense = $? round to the nearest hundredth.

a certain car was purchased for $29,600. the car has a resale value of $17,700 after a useful life of 7 years. what is the annual depreciation expense for this car? annual depreciation expense = $? round to the nearest hundredth.

Answer

Answer:

1700.00

Explanation:

Step1: Calculate total depreciation

Total depreciation = Purchase price - Resale value = $29600 - $17700 = $11900

Step2: Calculate annual depreciation

Annual depreciation = Total depreciation / Useful life = $11900 / 7 = $1700.00